UBS AG announced today that it will redeem all of the
outstanding securities in each of the seven series of UBS-issued
exchange traded notes set forth in the following table
(collectively, the “ETNs”). UBS AG expects to deliver redemption
notices with respect to each of the ETNs to holders of the
applicable ETNs with Call Settlement Dates as set forth in the
table below.
Table-1
ETN Ticker
ETN Name and Prospectus
Supplement [1]
CUSIP
Call Settlement Date
DJCB
ETRACS Bloomberg Commodity Index Total
ReturnSM ETN Series B due October 31, 2039[2]
90269A450
12/12/2024
WUCT
ETRACS Whitney US Critical Technologies
ETN due March 13, 2053
90278V222
12/12/2024
AMNA
ETRACS Alerian Midstream Energy Index ETN
due June 21, 2050[3]
90269A351
12/12/2024
AMND
ETRACS Alerian Midstream Energy High
Dividend Index ETN due July 19, 2050[3]
90269A252
12/12/2024
AMTR
ETRACS Alerian Midstream Energy Total
Return Index ETN due October 20, 2050[3]
90269A245
12/12/2024
ESUS
ETRACS 2x Leveraged MSCI USA ESG Focus TR
ETN due September 15, 2061[4]
90278V743
12/12/2024
FEDL
ETRACS 2x Leveraged IFED Invest with the
FED TR Index ETN due September 15, 2061[4]
90278V750
12/12/2024
[1] The table above provides a hyperlink to the relevant
prospectus and supplements thereto for each of the ETNs, which are
identified by their names. Each of the above ETNs are part of the
UBS AG’s Medium Term Notes, Series B, on which UBS AG is sole
obligor. Capitalized terms used but not defined in this press
release shall have the meanings ascribed to such terms in the
relevant prospectus supplement (including, as applicable, any
product supplement and pricing supplement (each such supplement, a
“prospectus supplement”)) for the ETNs.
[2] The prospectus addendum with a link to the updated base
prospectus and the changes to the section entitled “Early
Redemption” on page S-3 of the prospectus supplement can be
accessed here.
[3] The prospectus addendum with a link to the updated base
prospectus can be accessed here.
[4] The prospectus addendum with a link to the updated base
prospectus can be accessed here.
With respect to the ETNs represented by tickers WUCT, AMNA,
AMND, AMTR, ESUS and FEDL, the Call Settlement Amount payable on
the Call Settlement Date will be calculated as specified in the
relevant prospectus supplement. UBS will pay the applicable Call
Settlement Amount to investors holding such ETNs on the applicable
Call Settlement Date.
With respect to the ETNs represented by ticker DJCB, the
Redemption Amount payable on the Call Settlement Date will be
calculated as specified in the relevant prospectus supplement. UBS
will pay the Redemption Amount to investors holding such ETNs on
the applicable Call Settlement Date.
We expect that the last day of trading for the ETNs will be
December 11, 2024.
Additional details regarding the redemption dates and valuation
dates are included in Table-2 below.
Table-2
ETN Ticker
Call Measurement
Period
Call Measurement Period Start
Date & Call Measurement Period End Date
Call Valuation Date
Call Settlement Date
DJCB*
1 Trading Day
12/09/2024
12/09/2024
12/12/2024
WUCT
1 Index Business Day
12/09/2024
12/09/2024
12/12/2024
AMNA
1 Index Business Day
12/09/2024
12/09/2024
12/12/2024
AMND
1 Index Business Day
12/09/2024
12/09/2024
12/12/2024
AMTR
1 Index Business Day
12/09/2024
12/09/2024
12/12/2024
ESUS
1 Index Business Day
12/09/2024
12/09/2024
12/12/2024
FEDL
1 Index Business Day
12/09/2024
12/09/2024
12/12/2024
* The Call Measurement Period and Call
Valuation Date in this table refers to the Valuation Date as
defined in the Securities represented by ticker DJCB.
As disclosed in more detail in the applicable prospectus
supplement(s) for the ETNs, the market value of the ETNs may be
influenced by, among other things, supply and demand for the ETNs.
It is possible that the discontinuance of further issuances of the
ETNs by UBS AG may influence the market value of the ETNs. The
suspension of new issuances of the ETNs could affect the liquidity
of the market for the ETNs, potentially leading to insufficient
supply and causing the ETNs to trade at a premium above their
closing or intraday indicative value. Any such premium may
subsequently decrease at any time and for any reason without
warning, resulting in financial loss to sellers who paid this
premium when they acquired their ETNs. In addition, on the
applicable Call Settlement Date, holders will receive the Call
Settlement Amount or Redemption Amount, as applicable, as described
in each applicable prospectus supplement but will not receive any
premium thereto. Accordingly, investors who purchase the ETNs at
any time prior to the Call Settlement Date for an amount that is
greater than the Call Settlement Amount or Redemption Amount, as
applicable (including paying any premium to the indicative value of
the ETNs), will suffer a loss on their investment if they hold
their ETNs until the Call Settlement Date.
If investors elect to redeem any such ETNs, any redemption will
be at the redemption value set forth in the applicable prospectus
supplement(s) and will not include any premium above that value.
Investors should always consult their financial advisors and
compare the intraday indicative value of the ETNs with the ETNs’
then-prevailing market price before purchasing or selling any such
ETNs, especially notes with premium characteristics. The applicable
prospectus supplement(s) for the ETNs can be accessed by clicking
on the name of the ETN identified in the table above as well as on
the SEC's website at sec.gov.
This announcement does not affect the terms of the outstanding
ETNs, including the right of holders to require UBS AG to redeem
their ETNs on the terms and at the redemption price set forth in
the applicable prospectus supplement(s). This news release shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities nor will there be any sale of these ETNs in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or other jurisdiction.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains statements that constitute
“forward-looking statements” that are subject to risks and
uncertainties, and actual results may differ materially. These
statements could contain words such as “possible,” “intend,”
“will,” “may,” “intends,” “would,” “if,” “expect,” “potentially” or
other similar expressions. Forward-looking statements, including
those relating to UBS AG’s plans for the ETNs, are based on
management’s current expectations and assumptions, and are subject
to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. While these forward-looking statements
represent UBS’s judgments, expectations and objectives concerning
the matters described, a number of risks, uncertainties and other
important factors, including whether UBS AG will actually complete
the redemption of the ETNs, could cause actual developments and
results to differ materially from UBS’s expectations. For a
discussion of the risks and uncertainties that may affect the ETNs
please refer to the "Risk Factors" in the applicable prospectus
supplement(s) relating to the ETNs referenced in Table-1. UBS is
not under any obligation to (and expressly disclaims any obligation
to) update or alter its forward-looking statements, whether as a
result of new information, future events, or otherwise.
About ETRACS ETNs
ETRACS ETNs are senior unsecured notes issued by UBS AG, are
traded on NYSE Arca, and can be bought and sold through a broker or
financial advisor. An investment in ETRACS ETNs is subject to a
number of risks, including the risk of loss of some or all of the
investor’s principal, and is subject to the creditworthiness of UBS
AG. Investors are not guaranteed any coupon or distribution amount
under the ETRACS ETNs. Prior to making an investment in the ETRACS
ETNs, investors should take into account whether or not the market
price is tracking the intraday indicative value of the ETRACS ETNs.
We urge you to read the more detailed explanation of risks
described under “Risk Factors” in the applicable prospectus
supplement for each ETRACS ETN.
UBS AG has filed a registration statement (including a
prospectus and supplements thereto) with the Securities and
Exchange Commission, or SEC, for the offerings of securities to
which this communication relates. Before you invest, you should
read the prospectus, along with the applicable prospectus
supplement(s) to understand fully the terms of the ETNs and other
considerations that are important in making a decision about
investing in the ETNs. The applicable offering document for each
ETN may be obtained by clicking on the name of each ETNs identified
above. You may also get these documents without cost by visiting
EDGAR on the SEC website at www.sec.gov. The securities related to
the offerings are not deposit liabilities and are not insured or
guaranteed by the Federal Deposit Insurance Corporation or any
other governmental agency of the United States, Switzerland or any
other jurisdiction.
About UBS
UBS is a leading and truly global wealth manager and the leading
universal bank in Switzerland. It also provides diversified asset
management solutions and focused investment banking capabilities.
With the acquisition of Credit Suisse, UBS manages $5.7 trillion of
invested assets as per fourth quarter 2023. UBS helps clients
achieve their financial goals through personalized advice,
solutions and products. Headquartered in Zurich, Switzerland, the
firm is operating in more than 50 markets around the globe. UBS
Group shares are listed on the SIX Swiss Exchange and the New York
Stock Exchange (NYSE).
In the US, securities underwriting, trading and brokerage
activities and M&A advisor activities are provided by UBS
Securities LLC, a registered broker/dealer that is a wholly owned
subsidiary of UBS AG, a member of the New York Stock Exchange and
other principal exchanges, and a member of SIPC
(http://www.sipc.org/). UBS Financial Services Inc. is a registered
broker/dealer and affiliate of UBS Securities LLC.
This material is issued by UBS AG and/or any of its subsidiaries
and/or any of its affiliates ("UBS"). This document was produced by
and the opinions expressed are those of UBS as of the date of
writing and are subject to change. It has been prepared solely for
information purposes and for the use of the recipient. It does not
constitute an offer or an invitation by or on behalf of UBS to any
person to buy or sell any security. The information and analysis
contained in this publication have been compiled or arrived at from
sources believed to be reliable but UBS does not make any
representation as to their accuracy or completeness and does not
accept liability for any loss arising from the use hereof. Products
and services mentioned in this material may not be available for
residents of certain jurisdictions. Past performance is not
necessarily indicative of future results. Please consult the
restrictions relating to the product or service in question for
further information.
Bloomberg is not affiliated with UBS. UBS assumes sole
responsibility for this press release, which has not been reviewed
by Bloomberg. None of Bloomberg, UBS AG, UBS Securities LLC or any
of their subsidiaries or affiliates (collectively, "Bloomberg or
UBS") guarantees the accuracy and/or the completeness of the
Bloomberg Commodity Indexsm or any data related thereto and neither
of Bloomberg or UBS shall have any liability for any errors,
omissions or interruptions therein. Neither of Bloomberg or UBS
makes any warranty, express or implied, as to results to be
obtained by owners of the securities or any other person or entity
from the use of the Bloomberg Commodity Index sm or any data
related thereto. Neither of Bloomberg or UBS makes any express or
implied warranties and expressly disclaims all warranties of
merchantability or fitness for a particular purpose or use with
respect to the Bloomberg Commodity Indexsm or any data related
thereto. Without limiting any of the foregoing, to the maximum
extent allowed by law, Bloomberg, its licensors (including UBS),
and its and their respective employees, contractors, agents,
suppliers and vendors shall have no liability or responsibility
whatsoever for any injury or damages— whether direct, indirect,
consequential, incidental, punitive or otherwise—arising in
connection with the Bloomberg Commodity Indexsm or any data or
values relating thereto—whether arising from their negligence or
otherwise, even if notified of the possibility thereof. There are
no third-party beneficiaries of any agreements or arrangements
among Bloomberg and UBS Securities LLC, other than UBS AG.
The securities referred to herein are not sponsored, endorsed,
issued, sold or promoted by MSCI, and MSCI bears no liability with
respect to any such securities or any index on which such
securities are based. The respective ETN prospectus contains a more
detailed description of the limited relationship MSCI has with
UBS.
Alerian Midstream Energy Index, Alerian Midstream Energy
Dividend Index, AMNA, AMNTR and AEDW are trademarks of VettaFi and
their use is granted under a license from VettaFi. VetttaFi owns
and administers the Alerian Index Series.
Solactive AG (“Solactive”) is the licensor of Solactive Whitney
U.S. Critical Technologies CNTR Index (the “Index”). The Index has
been developed in cooperation with J.H. Whitney Data Services, LLC
(“J.H. Whitney”). The financial instruments that are based on the
Index are not sponsored, endorsed, promoted or sold by Solactive or
J.H. Whitney in any way and Solactive or J.H. Whitney make no
express or implied representation, guarantee or assurance with
regard to: (a) the advisability of investing in the financial
instruments; (b) the quality, accuracy and/or completeness of the
Index; and/or (c) the results obtained or to be obtained by any
person or entity from the use of the Index. Solactive or J.H.
Whitney do not guarantee the accuracy and/or the completeness of
the Index and shall not have any liability for any errors or
omissions with respect thereto. The Index has not been designed to
achieve positive returns and neither Solactive nor J.H. Whitney is
acting as a fiduciary or investment adviser for any user of the
Index or investor in any financial instrument based on the Index.
Notwithstanding Solactive’s obligations to its licensees, Solactive
reserves the right to change the methods of calculation or
publication with respect to the Index and Solactive or J.H. Whitney
shall not be liable for any miscalculation of or any incorrect,
delayed or interrupted publication with respect to the Index.
Solactive or J.H. Whitney shall not be liable for any damages,
including, without limitation, any loss of profits or business, or
any special, incidental, punitive, indirect or consequential
damages suffered or incurred as a result of the use of (or
inability to use) the Index.
Economic Index Associates, LLC (“EIA”) outsources the end-of-day
and real-time calculation of its IFED™ indexes that serve as the
basis for investment products. Third party index calculators that
publish and distribute EIA indexes strive to the best of their
ability to ensure the correctness of the calculations. There is no
obligation for EIA—irrespective of possible obligations to
issuers—to advise third parties, including investors and/or
financial intermediaries, of any errors in any of the indexes that
are calculated on a real-time basis. The publication and
distribution of any IFED™ indexes that are calculated on a
real-time basis and that serve as the basis for products licensed
by EIA are not intended as a recommendation for capital investment
and does not contain any assurance or opinion of EIA regarding a
possible investment in a financial instrument based on an
Index.
UBS specifically prohibits the redistribution or reproduction of
this communication in whole or in part without the prior written
permission of UBS and UBS accepts no liability whatsoever for the
actions of third parties in this respect.
© UBS 2024. The key symbol, UBS and ETRACS are among the
registered and unregistered trademarks of UBS. Other marks may be
trademarks of their respective owners. All rights reserved.
1 Individual investors should instruct their
broker/advisor/custodian to call us or should call together with
their broker/advisor/custodian.
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